REAL ESTATE AUCTION TERMS & CONDITIONS
Whitney Christy Ever Real Estate & Christy’s of Indiana, Inc.
6648 McFarland Rd, Indianapolis, IN 46227
AUCTION FORMAT
This is an ONLINE-ONLY real estate auction. All bids (offers) must be submitted on the bidding website.
BUYER’S PREMIUM
A 6% Buyer’s Premium will be added to the final successful bid to determine the Total Purchase Price. Example: A final bid of $200,000 plus the 6% Buyer’s Premium ($12,000) results in a Total Purchase Price of $212,000.
RESERVE / SELLER CONFIRMATION
The property is offered subject to a reserve or minimum acceptable final bid price. The highest bid is subject to acceptance and confirmation by the Seller. Following the close of the auction, the Seller will accept or reject the high bid no later than 5:00 PM on the day of the auction. The high bid does not constitute an accepted offer until the Seller has accepted the bid and the successful bidder has been notified of the Seller’s acceptance.
SALE PRIOR TO AUCTION
The property is subject to sale prior to the auction. The Seller reserves the right to consider, accept, counter, or reject an offer at any time before the auction. If an offer is accepted, the auction may be canceled and the property withdrawn. Any pre-auction offer is subject to Seller approval; the Seller has no obligation to accept an offer.
EARNEST MONEY DEPOSIT – NON-REFUNDABLE
Upon Seller acceptance, the purchaser must pay a 10% NON-REFUNDABLE earnest money deposit calculated on the Total Purchase Price (finial bid price plus 6% Buyers Premium). The deposit must be received within 24 hours of Seller acceptance by certified funds or wire transfer as directed by the Auction Companies. It will be held in a non-interest-bearing escrow account until closing and credited toward the Total Purchase Price at closing, subject to the Purchase Agreement and applicable law.
PURCHASE AGREEMENT
After Seller acceptance, the successful bidder will receive the Purchase Agreement and applicable transaction documents. The successful bidder must execute and return those documents and deliver the required earnest money within 24 hours of Seller acceptance. The remaining purchase price is due at closing.
FINANCING IS WELCOME
This is NOT a cash-only auction. Financing is welcomed. Bidders intending to use financing must submit an acceptable financing approval letter during qualification; preapproval letters will not be accepted. Financing does not create a financing contingency. Financing arrangements must be sufficiently completed before bidding to meet the earnest money and closing deadlines.
PROOF OF FUNDS / BIDDER QUALIFICATION
All bidders must be qualified and approved before bidding. Cash buyers must provide acceptable Proof of Funds. Financed buyers must provide an acceptable financing approval letter, not merely a preapproval letter. Registration may remain pending until the Auction Companies receive and review the required documentation.
PROPERTY CONDITION – AS-IS
The property is sold AS-IS, WHERE-IS, without warranties expressed or implied, subject to any disclosures and obligations required by law. No home inspection report is being provided by the Seller or Auction Companies. Prospective bidders are responsible for evaluating the property and reviewing all available documents before bidding. The purchase is not contingent upon inspection, appraisal, survey, or financing.
INSPECTIONS, APPRAISALS & DUE DILIGENCE
Any inspections, appraisals, surveys, testing, or other investigations desired or required by a bidder or lender must be arranged and completed at the bidder’s sole expense BEFORE THE ONLINE AUCTION CLOSES, subject to property access approved in advance. Bidders must satisfy themselves as to property condition and financing requirements before placing a bid. No subsequent inspection, appraisal, or financing issue will delay closing or create a contingency.
BID INCREMENTS
Online pre-bidding increments will initially be set at $1,000. The Auction Companies reserve the right to adjust bidding increments and procedures as needed for the orderly conduct of the auction.
ONLINE SOFT CLOSE
The online auction uses a two-minute soft-close extension: a bid received during the final two minutes of the scheduled closing period will reset the bidding clock to two minutes. Extensions will continue as bids are received within the applicable extension period. The Auction Companies may adjust extension procedures if necessary due to technical or other auction-related circumstances.
CLOSING
Closing shall take place within 45 days of Seller acceptance of the successful bid, unless otherwise agreed to in writing by the parties. Financing may be used, but closing is not contingent on obtaining or completing financing. The closing location and title company will be provided separately.
POSSESSION
Possession will be delivered to the purchaser at closing, subject to the executed Purchase Agreement.
REAL ESTATE TAXES
Real estate taxes will be prorated at closing as provided in the Purchase Agreement and closing documents.
BUYER BROKER PARTICIPATION
Buyer Broker participation is welcomed. A Buyer Broker Participation Agreement is provided with the auction documents. Any broker representing a prospective bidder must properly complete and submit that agreement before the buyer bids, in accordance with its requirements. Any compensation is governed by the executed Buyer Broker Participation Agreement.
BUYER DEFAULT / ADMINISTRATIVE FEE
If the successful bidder fails to execute and return the Purchase Agreement or deliver the required 10% non-refundable earnest money deposit within the required timeframe, the bidder will be considered in default. In that event, the successful bidder will be charged a $2,500 non-refundable Administrative Fee to the credit card provided at registration, subject to applicable law and the bidder’s payment authorization. The earnest money deposit is non-refundable as provided in the Purchase Agreement and applicable law. Failure to obtain financing, obtain an appraisal, complete inspections, or otherwise complete the transaction does not entitle the purchaser to a refund. Payment of the Administrative Fee does not necessarily limit additional rights or remedies available to the Seller under the Purchase Agreement or applicable law.
DUE DILIGENCE / DOCUMENT REVIEW
Prospective bidders should thoroughly review all available auction documents, including title information, tax information, applicable seller disclosures, the Purchase Agreement, and the Buyer Broker Participation Agreement. All desired investigations and financing arrangements must be completed before online bidding closes. The bidder is solely responsible for determining whether the property is suitable for the bidder’s intended use.
BIDDING & AUCTION COMPANY AUTHORITY
All bids are binding and may not be withdrawn without consent of the Auction Companies. Whitney Christy Ever Real Estate and Christy’s of Indiana, Inc. reserve the right to establish and enforce bidding procedures, resolve bidding disputes, reject or accept bids as permitted by these terms, and make reasonable adjustments necessary for orderly conduct, including changes to bidding increments or auto-extension procedures.
INTERNET BIDDING DISCLAIMER
The Auction Companies are not responsible for internet outages, connection failures, device malfunctions, platform interruptions, or other technical issues that prevent a bidder from placing a bid. Bidders are encouraged to bid early and not wait until the final moments.
ACKNOWLEDGMENT OF TERMS
By registering and/or bidding, each bidder acknowledges having read, understood, and agreed to these Auction Terms & Conditions and the applicable Purchase Agreement. The successful bidder must complete the transaction according to these terms and the executed Purchase Agreement.
